To get an advantage in the stock market you need a solid education, experience, patience and also the best tools. This stock market analysis software review compares 10 highly rated software offerings from industry giants to new entrants.
The 2017 Review
Updated for 2017, the powerhouses of stock market software have jostled for pole position. We reviewed over 30 different vendors, the top 10 this year see’s a broader extension of top notch features and power plays from niche vendors. On the whole good quality.
The Liberated Stock Trader Top 10 Stock Market Software review is the most in depth comparison of the best the market has to offer comparing over 760 different features to evaluate who is truly the best in terms of cost benefit and ease of use.
Not only will you find out which software best suits your trading style, you will be able to compare head to head all of the benefits, features and prices.
Movers and Shakers for 2017
Congratulations go to MetaStock and Worden TC2000 who tie for the number 1 position this year. But don’t be fooled the top 5 places are tight and it really depends what markets you are trading, how you trade and what features you desire.
MetaStock has invested heavily with the highly acclaimed MetaStock XV, the edge they have is global market access, excellent news services, expert advisors and system development, with a huge range of indicators and powerful scanning. The edge this year is the beefing up of forecaster system and improved backtesting, these are serious moves by the MetaStock Team.
Worden Brothers TC2000 is joint 1st position with an organizational shakeup that has yielded continual innovation and new powerful features such as trading from charts broker integration, trading options and advanced options strategies that are elegantly integrated and a new silent video feature that has to be seen to be believed.
TradeStation has a huge feature set in most areas, but it truly excels with the broker integration. Trading from charts and live P&L portfolio management and it is free if you have a brokerage account.
It’s Tough at the top
Optuma hits spot 4, targeting professional traders and the business market. You will need a powerful PC but the wealth of specialist features such as GANN Charts might make the difference. With a reduced core price and a wonderful simplicity of use, Optuma by Market Analyst move up to 4th spot.
Maintaining number 5 spot is QuantShare with a low overall cost and excellent feature set, the sharing aspect of the tool enables thousands of users to directly and free of charge share systems, watchlists and tools. Improvements in the user interface, data downloading experience could take it further in future years.
Special Note on the Ratings
What you need in a software package is essentially down to how you trade and what information you use in your trading style.
If you are a day trader you may need real-time news, real-time scanning and level II streaming quotes. If you are a long term fundamental investor you may be looking for strong economic and company fundamentals scanning. If you want to develop your own automated trading systems that are back tested and place trades automatically you will be looking for this functionality.
Rating these packages side by side can give the impression that one package is better than all the rest, but the key is what software suits you and your trading style the best. Please read the “Recommended For” section in the reviews to understand the unique offerings that each vendor provides. No two software packages are identical, each provides a unique price and feature point.
Also Liberated Stock Trader has forged relationships with many of the Top 10 vendors to allow you to get a discount or bonus if you decide to buy one of these great packages, simply click on the logos to go to the vendor that best suits your needs.
Stock Market Vendors Feature Comparison Table
Dear Readers/Vendors- this review was established to the best of our abilities with no intended inaccuracies. There are over 760 data points in this review if you spot any inaccuracies within this content please contact us here to have it corrected immediately.
TOP 5 Winners Reviews
As stated previously, no two products are identical, there are many strength that are designed into each product to suit specific needs. As such most of the packages can be recommended to a specific audiance based on there strengths. In the following summary reviews we looks at the benefits of each package.
Review Score 8.71/10
Recommended for those who need excellent real-time news, access to a huge stock systems market and powerful technical analysis with global data coverage all backed up with excellent customer services.
The latest release of Metastock XV has been a big hit with improvements across the board. with huge improvements in Scanning, Back Testing and Forecasting making this one of the best offerings on the market.
Pricing and Software 10/10 – MetaStock is one of the biggest fish in the sea of stock market analysis software. Backed up by the mighty Thomson Reuters you can expect excellent fast global data coverage and broad market coverage including equities, futures, Forex, ETF’s and options.
Trade Management 4/10 – MetaStock does provide broker integration but the execution of trades from charts and live integrated P&L analysis is limited.
Fundamental Scanning and Screening 10/10 – Using Eikon you can see a really in depth analysis of company fundamentals from debt structure to top 10 investors, including level II. Excellent watch lists featuring fundamentals and powerful scanning of the markets gets a perfect 10
News 10/10 – MetaStock 12 has full Eikon integration with institutional level news, analysis and outlook. This is be the fastest global news service available on the market including translations into all major languages.
Technical Analysis 10/10 – Forex forecasting based on sentiment is feature that is absolutely exceptional. Never mind the broadest selection of technical analysis indicators on the market today. MetaStock is the king of technical analysis warranting a perfect 10.
Stock Systems and Back Testing 9/10 – Another area where MetaStock excels is what they call the expert advisors. MetaStock harnesses a huge amount of in-built systems that will help you as a beginner or intermediate trader understand and profit from technical analysis patterns and well researched systems. This is really a key area of advantage. The biggest addition to the MetaStock arsenal is the forecasting functionality which sets is apart from the crowd.
Ease of Use 8/10– MetaStock still has the feel of a collection of separately developed applications that require user’s education to make them work together. However with the huge selection of automated expert advisors you can deploy on the selection of stocks in your purview make MetaStock well worth the investment.
Telechart 2000 Review – Worden Brothers Inc. – 8.71/10
Telechart has long been one of my favorite tools, I have been a subscriber for over 15 years and find the latest release 12.x to be a huge step forward. Endlessly customizable and scalable the platform offers nearly everything an investor may need.
Pricing and Software 9/10 – Telechart is a big hitter when it comes to software and pricing. Telechart runs on everything – your iPhone your Tablet, your Mac and your PC. It is priced very reasonably with a simply pricing structure. Why does it not score a straight 10/10? Only because it’s data coverage is U.S. and Canada only and it does not cover options, futures, forex or bonds. However, it was not designed to cover those. If you trade U.S. Stocks, ETF’s or Mutual Funds, then this may be a good solution. Wordens also provide live weekly training seminars which are of a very high quality.
Trade Management 9/10 – Currently Telechart is only integrating with TD Ameritrade, but if you are using TDA as your broker then the portfolio integrations and trading from charts works well.
Fundamental Scanning and Screening 10/10 – Make no mistake about it, if you want fundamentals screened in real-time layered with technical screens all integrated into live watch lists connected to your charts Telechart is a power player.
News 7/10 – While Telechart does not have a perceivable Real-time news element, it does have integrated news, but what sets it apart is it has a daily Market Commentary from Pete Worden and a very active community sharing trading ideas and banters in a live chat window. It certainly provides some entertainment while your stocks are moving sideways.
Technical Analysis 8/10 – Telechart has an excellent array of technical indicators and drawing tools, all the big ones are there, from OBV, RSI and Bollinger Bands to Fibonacci Fans and Andrews Pitchfork. with over 70 different indicators you will have plenty to play with. They have also introduced live alerts which you can configure to email or pop up if an indicators or trend line is breached. Very useful indeed.
Stock Systems and Back Testing 8/10 – Worden Brothers also have a little secret when it comes to developing backtested systematic approaches to trading. With a platinum membership to Telechart you also receive a tool called Stock Finder. Stock Finder is one of the single most powerful intuitive point and click system development tools on the market today. No programming required. That is saying something because it is up against some very stiff competition in this space. Although Stock Finder cannot be used to automatically place trades, it’s ease of use still warrants a 8/10 rating, despite deveopment on the tool being halted. My request to Worden Brother is to integrate the GUI aspects of Stockfinder directly into TC2000 and improve the P&L analysis in the backtester.
Ease Of Use 10/10 – One of the easiest to use and most powerful packages available places the icing on the cake for the Worden Brothers.
Review Score 8.43/10
Recommended for full broker integration, trading off charts and frequent traders. A great price point of FREE for brokerage clients.
TradeStation are a leading brokerage house with excellent execution and low commissions but did you know they have great software also. Joint winner in the review TradeStation offers enough in its software and broker integration to stand tall with the other vendors.
Pricing & Software – 9/10 – With a price point of Free for Brokerage clients and awards from Barrons for the software TradeStation is a force to be reckoned with. Excellent customer service, good training and global market data coverage warrant the highest rating in this category.
Fundamental Scanning & Screening – 10/10 – TradeStation offers an excellent array of choice and flexibility in market screening and filtering, but not just on volume but a host of fundamentals, including exotic data such as commitments of traders, insider traders and even number of company employees. You can literally screen on anything you think will get you an edge in the market. You also get what they call radar screen which is really fast with integrated alerting.
News – 8/10 – TradeStation has real-time news which is an excellent service but only fails to score top marks here because it does not provide market commentary or a chat community. But do you really need that? Some people do, its a factor to consider.
Technical Analysis 9/10 – With over 145 different technical indicators TradeStation packs a big punch in the technical analysis space. The charts could be a little more intuitive to use which is why it does not score a perfect 10.
Stock Systems & Back Testing – 8/10 – TradeStation have also cultivated a systems and strategies market place called the “Strategy Network” where you can purchase stock market systems from an ecosystem of vendors or even contract someone to develop your system for you in the “Easy Language” code. No perfect 10 in this round as you will need to learn code to develop your own system.
Ease of Use 8/10 – TradeStation is easy to use, but extremely powerful also. It is probably due a face-lift to make it more intuitive to use, but none the less a good score of 8/10 is warranted.
TradeStation were ranked Best by Barrons:
- Best for Frequent Traders
- Best for International Traders
- Best Trading Experience and Technology
Optuma by Market Analyst – 8/10
Recommended for professional frequent trading investors, who value a slick touch enabled interface which operates well with Bloomberg feeds and terminals, premium features and the best Gann Analysis tool set on the market.
Market Analyst has been in the market for almost 20 years and they cater to individual investors as well as to fund managers
Pricing and Software 10/10 – Market Analyst is at the top end when it comes to price and you will need a powerful PC to run it, but with IQFeed, GFT and MT4 data integration’s, great customer services and the full range of instruments covered (Stocks, EFTs, Mutual Funds, Options, Futures, FOREX, Bonds) for the premium price you get the premium package.
Trade Management 5/10 – While you have the ability to place trades from charts, MA7 does not have a full suite of broker integrations.
Fundamental Scanning and Screening 10/10 – A perfect 10 for fundamental sc screening for MA7. A well thought out real-time scanning and filtering engine and the fundamental watchlists are well implemented
News 3/10 –MA7 does have news integration if you have the data feed in place.
Technical Analysis 10/10 – Another perfect 10 for MA7. A fantastic array of technical indicators and drawing tools. Specializing in Gann tools with a full suite including Gann Grid Lines, Gann Fans and Gann Swing. Also included are Elliott Wave and Darvas Box, the full set of exotic indicators are present. To top it off they have also implemented an excellent astrological analysis suite as an upgrade for those of you who believe in that sort of thing, yes commodity traders I am talking about you :).
Stock Systems and Back Testing 10/10 – Market Analyst has back-testing well covered also, with a well implemented backtesting and system analysis tool set. Best in class up there with MetaStock and QuantShare as the industry leaders, but unlike the others you to not need a PhD in mathematics to setup and test your system.
Ease Of Use 8/10 – This is another high score for Market Analayst 7. This score is only beaten by Tc2000. That says a lot for Market Analyst as it is an exceptionally powerful tool. The interface, the shortcuts, the whole thought process implemented into MA7 warrant this high score in an important section. They also have an extensive video training library which is very valuable to the new customer.
QuantShare – 7.71/10
Recommended for investors who do not need real time data feeds but value a huge selection of user generated systems, watchlist and powerful technical analysis tools.
QuantShare was new to me and I was pleasantly surprised with the feature set.
Pricing and Software 8/10 – An extremely cost effective solution with integration into new social media outlets like StockTwits.
Trade Management 7/10 – While QuantShare enables some features in this space, they probably do not cater for your broker
Fundamental Scanning and Screening 8/10 – There is certainly a huge selection of fundamentals to be able to scan against, the usability could be improved. Watch-lists can be tricky to set up. Further development required here.
News 7/10 – Including news and the StockTwits integration save the day here for QuantShare, the news is not real-time but certainly does add value.
Technical Analysis 9/10 – With the largest selection of technical indicators to choose from (520+) this package leads the way in the chart analysis stakes.
Stock Systems and Back Testing 10/10 – There is a huge selection of shared systems and the ability to back test them.
Ease Of Use 6/10 – This software package is not the easiest to use and the interface requires serious development effort. The learning curve will take a time investment on your part.